Indian Oil to mull investing over 3 billion USD to expand and upgrade its refineries

From the 1st of April (2018), India’s biggest oil refiner, Indian Oil Corp. plans to invest as much as $3.5 billion to expand and upgrade its refineries and boost its marketing network. Interestingly, the company aims to use internal resources for the capital expenditure and has no plans to raise loans or issue bonds. However, Indian Oil’s New Delhi spokesperson refused to comment on the investment agenda.